The US livestream shopping industry is predicted to reach $6 billion in 2021 and $25 billion by 2023.
During COVID-19, the livestreaming shopping sector grew exponentially, as retailers, brands, and social media platforms developed new shoppable live content. Further, retailers, influencers, and brands can now reach consumers, as the live streaming shopping functionality is now being integrated within social media platforms.
As consumers seek live content and retailers find new ways to sell, adopting livestream commerce can help bridge the gap. However, brands in the US could follow China’s lead, and develop “super apps”, wherein consumers can purchase, make payments, and connect with influencers in the same app.
Further, through livestream commerce, businesses can leverage influencers’ reach to connect with younger cohorts and drive sales. With social media platforms like Facebook adding new livestream capabilities, brands could do well to use them in their marketing efforts.
[8 minute read]